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Maybank wants bigger slice of equities market

Banks on Islamic stockbroking service HOT Broking to expand its curreent 6.5% share in the market.

Malayan Banking Bhd (Maybank), via its investment banking arm Maybank Investment Bank, is eyeing a bigger share of the equities market with its new Islamic stockbroking service called HOT Broking.

Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said the bank was currently ranked fourth in the equities market with a share of more than 6.5 per cent.

"The introduction of HOT Broking is a step in this direction and we believe that this service will not only strengthen our range of Islamic capital products but also deepen the development of Malaysia's Islamic capital market," he said at the launch here on Monday.

HOT (for "Honest, Open and Transparent") Broking is aimed at raising share investment among Malaysians by ensuring investment stability, which has become a main concern of investors of late.

Citing a report by Bursa Malaysia recently, Wahid said 48 per cent of non-investors cited "high risks" as main reason for their non-participation in the stock market.

"Malaysian equities market is largely led by institutional investors, with retail participation less than encouraging in recent years," he said.